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HomeMy WebLinkAbout0102 ii„w,~urr, ui~~l ~u~}• utlirr cu~rra5e re~~uirc~l by the roort~;.~~:~•c•, on ~l~~~eliii,s;. r1i~iLle for surh broadeneci co~r~age - provi~led, howevet, Lhat ,u~6 i~,~ur:ttsce be in an amuunt sufticient to coa~ply w•ith any co-insurauce rryuirements covering s~ne uiidrr tt~e laws of the Stute of Florida, and pro~•i~icYl furt6i'r that the policy or policies shull be written in a cump:sny or .~on~pa~ues and through an ageney satisf:~ctory to the \fort- gagee and that said policy ur policie~ shall be hrld ~y the \lortgagee, shall be in a form satis[actory to the ~tortgagee, aud shall contain a standard moctgage clau.e in fa~•or of and in a form acceptahle to the \tortga~;ee; and in d~e event any sum uf money becomes payable under any such pol~cy or policies, the ~tortgagee shaU ha~~e the option to reeei~~e a~~d appty the saine on aecount of the indebteclness hereby seeured, or to permit tlie \iortgac;or to rec~•ice aua use it, or any part thereof, for ott~er purposes, without thereb~~ wai~•ing ur impairing auy equity, lien, or right imdrr and by vi~tuc of this nrortgagr; and in the e~•ent the \fortgagor dors not comply with this co~•rnant, d,e ~tortKakee may place and p:?y for such insu~ancc•, or any part thercof, K•ithout ~vai~•in~; or aFfectin~; the ugkion to foreclose, or any ri~ht hereu:ider, and the f~?!1 an~uunt of eact? aud e~~rry• ~i~ch p:+y~~~rnt s4~a11 be inuiicYliately due and payable, and shaU be~r interrst from the date dirreof until paid at the default rate pro~i~rd in s:iid nutr ~nd to?~rthrr with suc~h u,tP~es? ~ti~l,l, ~~°~L;=..,; ,:y u;~ ;ic~~ ut t1Fi~ morifiage. IusuTance co~•erir g the peril oI flood t2~1118};P s}iatl t,r as re~uir~~~l by thr Fr~leral Uisaster Yrotection Act of 1973, nr ~c :,.,~P.;;~~.~, ar.~ ;n:,.,gag~r cu.ci;rints snd agrc~c~s io comply in ali ~r~pri•is ~~~in ii~e pro~•isions t~iereot. 4. 'ft~:~t suortt~;tikre m:~}~, at auy time durin~; the mortgage term, an~3 in its discretion, apply (or renew•al of mortqa~e ~~aranty insiirance cme•rin~ thr nioit,~.~LC ~xri uted h~• the undrni~nc~~l on r~•en date here~~•ith, pay the premium clue by reason thereof, and require rep:~yment !~y the ~:n~ler,~s;nc~d of such ~~nuunts :is arr a~1~:inc~•cl by said rnortgagee. ln the event of failure by the undersigned to repay said amounts to soid mort;;a~rr. such failure shall 6e c.~nci~i~~~.~<i .I.,f~...ir _~.i ~n . ~~.,~o n~~~i wor~gage w~tn re~ard to detault sliall bc appli- c:tl~ir. 5. "1'o p~•nnit, cuu~suit or suffer no ~~•aste, impuinnt~nt or deterioration cf said p:operty, or any part thereof, and upun the iailure of the i~~u~t~;:~kur to ke~•p ti~e huildin~;s on cai~l properiy in goocl rnndition of repair, the :~lortgaqee may demand the i~nmediate repair of said build- ~nu, or an incrra.c~ in the :unou~t of srcurity, er the iuuneciiate repayment of the debt hereby seeured and the failure of che \fortKagor to com- pl~~ «•ith said ~le~~nancl nf the \turt~;agrr for a pe•ri«1 of t}~irt}~ 130) days, shall constitute a breach of this mort~;age, and, at the option of the ~lo~t~;ace~, inurn~cli.~tel}• inatur~ the rntire amount of principal and interest hereby secured, and immediately and w•ithout notice, the MortRagee nia}' institute~ prucrrdinLS to forrclose this mort~;a~;e and apply for tt~e appointment of a Recei~•er, as hereinafter pTOVided. fi. 7~u pr•rfurni, co~npl~ ~e~th an~l :ibiclr by each and every stipulafion, agreement, conaition and rocrnant in said proini+son• uote and ~leed s~•t forth. In the r~c•nt the jurisdirtiun of the• l'. S. District Court shall be im•oked by or a~ainst the \tort~aKor undrr au}• of tlic pro~isions of the Fr<lf~ral Hankniptc~• Act, su~•h acti~n, ~vhc•thc~r ~-o.untary or in~~oluntar~• on the part oi the \tortgagnr, shall automatically, a•ithout notim, ae- crl~•rate tiie ~naturiq• of all sum, of ~nouey hrrein deseribeci and seeured, and t~ie same shall thereupon beceine due and payable forthwith ati fuily as if the said a~t;re~ate sums of money K•ere oriKinally stipulate~ci to be paid on such date. 5. 'To drli~~cr to s~id \iortGa~;ee, on or before !lfarch 15th of each year, tas receipts evidencinR the payment of all lawfully irtiposecl tazes tor the precedinG c:~leudar year, and to drli~•er to said \tortgagee, reeeipts evidencing the payment of all liens for publie impruvemrnts within niu~•ty ( 90; days after the sarne shall brcome due and payable, and to pay or discharge within ninety (90) days after due date, any and all y~u~em~nrnta! levit~s th.it may he made on the mort~aged property, on ihis mortgake or note, or in any other way resultin¢ fran the \SortKaRe indebti~clut~ss secured hy this mort~;a~e; and if this condition be not eomplied with and performed, said mortga~ee ma)• pay such sum or sums ~v6i.•h sh~ll }xcu~ne p:~rt of the debt secured by this mort~age, and shall bear interest at the default rate pro~~ided i~ said promisson• note pa}:~blr monthh~ until paid or said n~ort~agee inay eiect that said mortga~e debt thereupon become due and payablP forth~+ith. 4). It is f~irtlit~r cc~~e•nautcd and a~;ree<l Uy said parties that in the e~•ent of a suit being instituted to foreclose this mortgaqe, the ~tort~;aRee ~h:ill l~f• entitlecl t~~ apply :it am: time penclin:; such foreclosure suit to ti~e eourt having jurisdiction thereof for the appointment of a recei~•er ot a11 ancl .in~<~i1.~r t'u~ r~ort~;at;rd prop~•rty, and oF a11 the rents, ina>mes, profits, issues and revenues thereof, from ~~-tiatscerer s~urce de~i~•ed; anil thc~r<•~~pon it is t,e~reby e~ressly co~~enr.nted and agreed that the court shall forthwith appoint a recei~•er o: saicl mortkaAed property, all and ,ineular, ,~ud of s~icii rf~nts, incontes, profits, issues and revenue thereof, from whatscever source deri~•ed, with the usual pow•ers and ~lutir~ ~~f rrcei~ e•rs in liF;e cascs: and such ap~~intment shall he made by such court as a matter of strict right to the ~tort~atee, its succc•ssors, 1~~~;:~1 re•prt~se•ntati.~~s or assi~ms, and ~vithout reference to the adequacy or inade~~uacy of the value of the property hereby mortgaged, or to the .ohrncy or insol.rncy aE the ~tortka~or, and diat such rent, p:ofits, income, issues and revenues shall be applied by such rece~~~er to the pay- nrcnt of the mortfiage indebtedness, costs and charges, accordinG to the order of such court. 10. If all or am• paTt of the pro erty or a le~:il or equitable interest therein is sold or transferred by mortqa~or without mortRagee's prior ~+ritten conse~nt, inclndin~; but not ~imited to the PXPCUtion of an agreement for deed, bu! excludin~ (a) the ereation of a lien or encum- hrance~ subordinate to this morteage, (bl the creation of a purchase money security interest for household appliances, (c) a transEer by <le. ise ~r desccut, or by operation of law upon the death of a joint tenant, or ( d) the grant of any leasehold interest of three years or less not containin~ an option to purchasf•, mortRaRee may, at its option, declare all the sums secured by this mort~age to be immediately due and payable. ~tort~;a~;ec shall ha~•c w•ai~~ed such option to attelerate if, prior to the sale or transfer, mortgagee and the persar~ to w~hom the property is to be sold or transferred reach a~;reement in writin~; that ihe credit of such person is satisfactory to rlortgagee and that the interest payable on the sums secured by this mort~age shall be at such rate as '~tortgagee shall request. If Mortga~ee has wai~~ed tk~e option to accelerate pro- ~~ded in this paragraph, and if ~iortgagor's successor in interest has executed a written assumption aAreement accepted in writinL by Mort- fiagee, I~iortgagee shall release !1lortgagor from all oblieations under this moctgage and the note secured hereby. i I1. That in thc e~•ent the premises hereby mort~aged, or any part thereof, shall be condemnecl and taken for public use under che power ~ of e~minent domain, the ~iort~a~;ee shall have the riRht to demand that all damages awarded for the taking of or dama~es to said premises i chall be paid to the '~tortKaqee up to ihe amount then unpaid on this mortga~e and at the option oE the 11ort~aqee may be applied upon ~ the payments last payab~e thereon. ` 12. The mort~acor binds himself not to erect or pemiit to be erected any new buildings on the premises herein mortQaged or to add to € ~~r prrmit to h~ addrd to any o£ die existinG improvements thereon or make any changes or alterations in said improvements which materially c han~e ~FIP 51111E' or the LLSf' t}1P~POf, WI~IIOIl~ tFlf written consent of the ~1ortRaRee, and in the event of any ciolation or attempt to ~~olate this ~ stipuiation this mart~acP and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. ~ 13. It is apecifically arzreed that time is of the essence of this contract. The failure of the MortgaRor in one or more instances to insist upon >trict performancc• or ubsen•ance of one or more of the co~•enants or conditions hereof, or to exercise any remedy, pri~zlefie or option herein cunferred upon or resened to the ~tortga~or, shall not operate or be construed as a relinquishment or waiver for the future of such covenant or condition or of the riu6t to enforce the same or to ezercise such priviley;e, option, or remedy, but the same shall continue in full force aad ~ r•ff~~ct. Tlie rccc•ipt by d~e ?~tort~;a~eee of a monthly payment or payments or oF any other payment required to be made by the '~fortRaqor, or r any part thereof, shall not be a waiver of any other additional gayments or amaunts then due, nor shall such receipt, though with knowl- i ~l~;e of the hreach of am~ crovenant or condition hereof, operate as or be deemed to be a waiver of such hreach. tio w•aiver by the LtortgaRee y of any of the pro~zsions hereof or any of the I~iortgagee's rights, remedies, privileAes ar options hereunder shall be deemed to have been ~ r~ade unless made by the Mortgagee in writing. ~ 14. If foreclosure proceedinAS of any second mortgage or second trust deeci or any junior lien of any kind shoulil be instituted, the Mort- ~ ~a~ee may, at its option, immediately or thereaRer declare this mortge~*e and the indebtedness securecl hereb>- due and pa>•able forthwith, and 6 i~~,~y at its op!ion proceed to foreclose this mortQage. f 15. To the eztent of th~ inclcbtedness of the ~tostgaKor to the ~tortga~ee descriUed herein or secured hereby the ~tortqaqee is herehy ~ .nbrocatrrl tn thc lirn or liFnc and to che richts nf thc ow~ners and holders thereof of each and e~•erv mortca~±e lien or uth~~r inc»mbrancr on the ~ l:~nd deccrih~~cl hen~in which i~ paid v~d{or satisfied in whole or in part out of the proceeds of the loan de•scribe~d lierein or secured hereby, F ,+nd th~ re~p~cti~'e li~•n~ of ,aid mort~:a~es, liens or other incu:nbranees shall be and the same and eaeh of thrm h~rrbc is preserved and shall ? pass to and i~e held i~v the ~tortRagee herein as security for d~e indebt~dness to the ~iurtRagee herein described or hereby secured, to the same f~stc•nt that it would ha~•e been gresen•ed and waald have been passECi to and been held by the bfortRagee had it been duly and reRutarly ~ assiened, transfc~rred, set o~•er and delivered unto the Mort~aSee by separate deed of assifznment notwithstan;~inR the fact that the same may !~e satisfic~<1 and canc~lled of recorci, it hein~ the intention of the partiF~s hereto that the same will be satisfied and cancelled of rPCOrd by the ' hul~lers tl~~•reof at or about the time of tlic recordinQ of this movtgage. 16. The :~fortgagor will pay or reunburse the \fortgaAee for all reasonable attomey's fees, costs and expenses paid or incuned by the I~fort- ~-a~ee in any aMion, proceeding or dispute of any kind, whether on appeal or nat, in which the I~lortgagee is sen~ed v~~ith leKal process, is made a garty or appears as party plaintiff or defendant affectin~ the note, this mortgage, Mortgagor or the mortgaQed property, inc]udinR but not limit~d to the foreclosure or other enforcernent of this mortga~e, any condemnation action involvinR the mortRaqed property, any actian ta protect the security hPreof, ~r am- proceeding en probate or bankruptCy, and any such amounts paid or incvrred by the !~tort~aQee shall be added to the indebtedness, shall 6ear interest at the default rate specified in the note from date of payment, and shall be secured by the lien r`~'~ of this morigage. 1 ~~'h~n anv ainount of mon~v to paid by the ~lortsL~gOr to the ~torteaRee under the terms hereof shall be in default, or should the ' x"`~ ~tt„t,~:~~;or ci~~fault in am• of the c~ther tenns, pro~-isions or conc?itions of this :~tort~aAe, then and in that case the ~lortgagee shall have the richt, ~cithnnt n~dice~ tn thr .lfortcta~or, to collect and recei~•e from any tenar,t or lessee of saicl m~rt~aGed premises t~e rents, issues and - T~r~~(its r~f tlir r~•al c•~tatc h~r~b~• rnort;at;~~l an~l thc~ improvements there~on, and to Qive proper receipts and acc~uittances therefor, and after ~~:a~ ins; al! comst~itcinns of :ITri' frill3l 8!;rl~~ C411~~ctinq thc' same, and any reasonablt~ attorney's fees and other necessary espenses incurred in ` ~,~11~•ctin~~ s~n~c~, t~~ ?~ply thr ~rnc•ercls of such cY~lleetions upon a?y indehteclness, obliRation or liability, of the vtortRa~or hereunder. The p rieht }:rantF~~i thf• ~fort~a~cf~ undrr this para~raph shall be in addition to, and shall rrot limit or restrict, any other riy,ht or rights granted the p ~ ~1~irtt.ie~•e• in tliis ~fort,at',~. i ' lk. IF the \t~~rtcacors at t};e 4irr.r of makinq this ~1ortKage subsequent thPreto take out life insurance designafing the hiortgagee herein _Y hF•nF~(ician• ~~•ith a company appro~~cd En• the ~tort.Ga~ee or assigns policies to the biortgagee for the purpose of securing the mortgage loan ? t~~•r~~hv se~cure~l. thrn the \t~rtQace~ ~hall have the ri~ht to pay any premium aceruing under said policies, and all sums so expended shaU be . ~~1~IecI tn ancl h~~~•~~rn~~ a part of tlit~ ~rincipal indehte<lness secureci by this '~torteaQe and shall be paid hy the ~iortgagor to the titortgagee in ~l{'P~~'f~ er~ual ~~ms~~cuti~~F inanthly installments, the first mont}ily installment to be paid as a part of and in addition to the monthly payment > #~3~'~P~? t' `'1~~'"Y~'sx' ~ ~"'~w~i~~~~~~'S'.~~-'